Oh that's right. Bank of America bought them for $21 billion.. And LaSalle banked pushed GMAC Smart Notes in $1,000 denominations. And GMAC sold $25 billion of them.
Now this debt is supposedly going to be subordinate to institutional paper. Which means that these notes, in their current form, will be essentially worthless.
Which means that Bank of America, will have another lawsuit.
Just add this to their commercial property woes, and look at this stock when it's in single digits.